New Delhi: Due to the high demands in the construction sector, the consumption of the domestic steel is increasing day by day by 5.5 % to 57.24 meter within the 10 months of current fiscal year.

“The growth in consumption of steel so far is good given the current global economic scenario. The afloat construction sector is the primary demand mover for steel,” a Steel Ministry official said. Domestic utilization was 54.24 million tons in the April-January period in the last fiscal.

Steel

The growth in manufacture was higher than demand growth at 58.35 million tons during the April 2011 – January 2012 period as against 54.51 million tons over the same period last year.

The global steel production in January, however, was 117 million tons, down 7.8 per cent over the same month last year. India’s import of steel during the April-January period documented 0.6 per cent drop to 5.59 million tons compared to 5.62 million tons a year ago.